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Conyers advises U.S. Bank National Association on US$1 billion senior secured notes offering by Lundin Mining Corporation and related commodity streaming arrangements – November 2014

November 2014 Sheba Raza Kathleen Moniz

Conyers Dill & Pearman advised U.S. Bank National Association (as Notes Collateral Agent) on a US$1.0 billion offering of senior secured notes by Lundin Mining Corporation (“LMC”), the proceeds of which (along with certain other payments such as the US$648 million upfront payment under the commodity streaming agreement) will be used to fund LMC’s acquisition of an 80% ownership stake in Candelaria/Ojos del Salado copper mining operations and supporting infrastructure in Chile. The notes were issued in two tranches on 27 October 2014 – US$550 million of 7.5% senior secured notes due 2020 and US$450 million of 7.875% senior secured notes due 2022 (the “Notes”). The Notes are guaranteed and secured by certain subsidiaries of LMC, including subsidiaries in Bermuda. The Candelaria/Ojos del Salado acquisition closed on 3 November 2014.

Sheba Raza, Counsel in Conyers’ London office, led the Conyers team advising on Bermuda law aspects of the guarantee and security documentation relating to the Notes (with respect to the Bermuda guarantors and security providers) and certain other commodity streaming documentation entered into with Franco-Nevada Corporation by LMC and its subsidiaries that granted shared security with the Notes. Conyers worked alongside Sidley Austin LLP, who advised on the New York law aspects of the transaction and Borden Ladner Gervais LLP, who advised on the Canadian law issues.

Lundin Mining is a diversified base metals mining company with operations in the Democratic Republic of Congo, Finland, Portugal, Spain, Sweden and the US.

 


Sheba Raza
Counsel

London   +44 (0)20 7562 0346


Kathleen Moniz
Associate

Bermuda   +1 441 298 7883


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Deals & Transactions

Conyers advises U.S. Bank National Association on US$1 billion senior secured notes offering by Lundin Mining Corporation and related commodity streaming arrangements – November 2014

07 November 2014 Sheba Raza Kathleen Moniz

Conyers Dill & Pearman advised U.S. Bank National Association (as Notes Collateral Agent) on a US$1.0 billion offering of senior secured notes by Lundin Mining Corporation (“LMC”), the proceeds of which (along with certain other payments such as the US$648 million upfront payment under the commodity streaming agreement) will be used to fund LMC’s acquisition of an 80% ownership stake in Candelaria/Ojos del Salado copper mining operations and supporting infrastructure in Chile. The notes were issued in two tranches on 27 October 2014 – US$550 million of 7.5% senior secured notes due 2020 and US$450 million of 7.875% senior secured notes due 2022 (the “Notes”). The Notes are guaranteed and secured by certain subsidiaries of LMC, including subsidiaries in Bermuda. The Candelaria/Ojos del Salado acquisition closed on 3 November 2014.

Sheba Raza, Counsel in Conyers’ London office, led the Conyers team advising on Bermuda law aspects of the guarantee and security documentation relating to the Notes (with respect to the Bermuda guarantors and security providers) and certain other commodity streaming documentation entered into with Franco-Nevada Corporation by LMC and its subsidiaries that granted shared security with the Notes. Conyers worked alongside Sidley Austin LLP, who advised on the New York law aspects of the transaction and Borden Ladner Gervais LLP, who advised on the Canadian law issues.

Lundin Mining is a diversified base metals mining company with operations in the Democratic Republic of Congo, Finland, Portugal, Spain, Sweden and the US.

 


Sheba Raza
Counsel

London   +44 (0)20 7562 0346


Kathleen Moniz
Associate

Bermuda   +1 441 298 7883


 

expertise

Corporate


JURISDICTION(S)

Bermuda


International Office(s)

Bermuda
London